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Net Income per Common Share (EPS)
12 Months Ended
Jun. 30, 2021
Earnings Per Share [Abstract]  
Net Income per Common Share (EPS)

Note 22 – Net Income per Common Share (EPS)

Basic EPS is based on the weighted average number of common shares actually outstanding, including both vested and unvested restricted stock awards, adjusted for Employee Stock Ownership Plan (“ESOP”) shares not yet committed to be released. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as outstanding stock options, were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. Diluted EPS is calculated by adjusting the weighted average number of shares of common stock outstanding to include the effect of contracts or securities exercisable or which could be converted into common stock, if dilutive, using the treasury stock method. Shares issued and reacquired during any period are weighted for the portion of the period they were outstanding.

The following schedule shows the Company’s earnings per share calculations for the periods presented:

 

 

For the Year Ended June 30,

 

 

 

2021

 

 

 

2020

 

 

 

2019

 

 

(In Thousands, Except Per Share Data)

 

Net income

$

63,233

 

 

$

44,965

 

 

$

42,142

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares

outstanding - basic

 

82,387

 

 

 

82,409

 

 

 

91,054

 

Effect of dilutive securities

 

4

 

 

 

21

 

 

 

46

 

Weighted average number of common shares

outstanding- diluted

 

82,391

 

 

 

82,430

 

 

 

91,100

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

$

0.77

 

 

$

0.55

 

 

$

0.46

 

Diluted earnings per share

$

0.77

 

 

$

0.55

 

 

$

0.46

 

 

 

Stock options for 3,246,138, 3,115,000 and 3,269,000 shares of common stock were not considered in computing diluted earnings per share at June 30, 2021, 2020 and 2019, respectively, because they were considered anti-dilutive.